Question

The following items are taken from the financial statements of Crane Company at December 31, 2022. Land Accounts receivable Supplies Cash Equipment Buildings Land improvements Notes receivable (due in 2023) Accumulated depreciation-land improvements Common stock Retained earnings (December 31, 2022) Accumulated depreciation-buildings Accounts payable Mortgage payable Accumulated depreciation-equipment Interest payable Income taxes payable Patents Investments in stock (long-term) Debt investments (short-term) $195,800 21,400 10,400 11,850 83,800 262,000 45,900 5,400 13,200 80,000 500,000 33,600 9,600 86,450 18,900 3,100 15,100 47,100 71,600 4,700 Prepare a classified balance sheet. Assume that $10,500 of the mortgage payable will be paid in 2023. (List Current Assets in order of liquidity. List Property, plant and Equipment in order of Land, Buildings, Equipment and Land Improvements.) CRANE COMPANY Balance Sheet December 31, 2022

Answer 1

CRANE COMPANY
Balance Sheet
As at December 31, 2022
Assets
Current assets
Cash		$     11,850
Debt investment		$       4,700
Accounts receivable		$     21,400
Notes receivable		$       5,400
Supplies		$     10,400
Total Current assets			$     53,750
Long-term investments
Stock investment			$     71,600
Property, Plant and Equipment
Land		$   195,800
Equipment	$     83,800
Less: Accumulated depreciation, - Equipment	$   (18,900)	$     64,900
Building	$   262,000
Less: Accumulated depreciation, - Building	$   (33,600)	$   228,400
Land improvements	$     45,900
Less: Accumulated depreciation, - Land improvements	$   (13,200)	$     32,700
Total property, plant and Equipment			$   521,800
Intangible assets
Patents			$     47,100
Total assets			$   694,250
Liabilities and Stockholders equity
Current liabilities
Accounts payable		$       9,600
Interest payable		$       3,100
Income tax payable		$     15,100
Total current liabilities			$     27,800
Non-current liabilities
Mortgage payable			$     86,450
Total liabilities			$   114,250
Stockholders Equity
Common stock		$     80,000
Retained earnings		$   500,000
Total stockholders equity			$   580,000
Total liabilities and stockholders equity			$   694,250

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